Last time I ever appraise a collection
tydye
Posts: 3,894 ✭✭✭
First let me just say that I had no intention of ever purchasing the collection. I did not want the friend/neighbor to think that I was taking advantage of them in any way. But I did agree to look over her collection and estimate it for her. I also advised her where to sell the collection if the time ever came so that she would not get taken.
Today I here that she took it to the local flea market and sold it at a fraction of what I appraised it for. Argh!! I never waste my time again to try to help people with their collections.
Today I here that she took it to the local flea market and sold it at a fraction of what I appraised it for. Argh!! I never waste my time again to try to help people with their collections.
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Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>anything "good" or just general stuff >>
Lots of Unc Morgans but some earlier stuff like half cents and large cents. Some of the best stuff was the paper money from local banks. And of course lots of 90%
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Forum AdministratorPSA & PSA/DNA ForumModerator@collectors.com | p 800.325.1121 | PSAcard.com
<< <i>Had the same thing happen right here on the CU boards. A guy I'd done a lot of business with and had become friends before he was hospitalized left strict instructions that I was to handle his card and coin collection going so far as to place 3M Post-It notes on his boxes and computer screen. A family member called and I instructed them how to ship etc. Didn't hear from them for two weeks, so I touched base. Oh, they decided that they wanted to clear everything as soon as possible and sold it all at the flea market the same weekend we spoke. Far from me to miss a beat, I said that was OK, no problem, and I hope they got some good prices as I knew that he had at least 60K worth of material. He didn't, but ooooooh the silence on the other end of the phone was priceless
You're evil - I like that!
If you had appraised it with an offer to buy, she probably would have suspected you of low-balling the appraisal.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
He died in 1993. I often wondered what happened to that lumber token.
As a dealer you frequently get calls and emails from the general public asking you to come over and look at their coins or even their new purchases they just bought off eBay. Do it once and you'll be getting emails from that person asking you to come over to give an opinion about their newps every other day. It's happened to me numerous times.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
You did the best you could. If a person decides to be stupid, that is their problem.
Still selling coins at flea market is like throwing money into an incinerator. The same can usually be said for buying coins at a flea market.
When you've been told how to do the right thing, and still do the wrong thing - well, I have no sympathy for such people.
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
<< <i>First let me just say that I had no intention of ever purchasing the collection. I did not want the friend/neighbor to think that I was taking advantage of them in any way. But I did agree to look over her collection and estimate it for her. I also advised her where to sell the collection if the time ever came so that she would not get taken.
Today I here that she took it to the local flea market and sold it at a fraction of what I appraised it for. Argh!! I never waste my time again to try to help people with their collections. >>
Talk about having dull luster(pun intended)!
<< <i>Had the same thing happen right here on the CU boards. A guy I'd done a lot of business with and had become friends before he was hospitalized left strict instructions that I was to handle his card and coin collection going so far as to place 3M Post-It notes on his boxes and computer screen. A family member called and I instructed them how to ship etc. Didn't hear from them for two weeks, so I touched base. Oh, they decided that they wanted to clear everything as soon as possible and sold it all at the flea market the same weekend we spoke. Far from me to miss a beat, I said that was OK, no problem, and I hope they got some good prices as I knew that he had at least 60K worth of material. He didn't, but ooooooh the silence on the other end of the phone was priceless
...you
<< <i>I once spent 19 ( yes,19) hours appraising a collection of some of the finest and rarest Canadian coins I will ever see......didn't charge a penny for my services. ......and I was told later that the collection was eventually sold for 1500.00 more than what I had offered..........this was a 6 figure collection and I made nothing on the deal due to my ignorance. I now charge an appraisal fee and if the owner decides to sell it to me , I add back the appraisal fee to my offer. If I am going to do all the legwork, especially itemizing and providing the owner with a typewritten appraisal, why shouldn't I charge a fee ? This system has worked well for me. >>
Reminds me of a story I read in a book written by a stamp dealer. Author saw a competing dealer open a store in town, and found that he wasn't able to buy as many deals as he used to. Plenty of people were coming in to get offers, but they weren't selling. As time went by he found out the competing dealer was asking sellers what the author offered to pay, then would bump it up just a hair to get the deal. If the people came to the competing dealer first, he'd recommend they go to the author's store to get an offer, which he said he would beat.
He decided to see just how much the competing dealer knew, so when a $1,000 collection came in for an offer, he offered $1,500 with the caveat that the seller please give him the last chance to top anyone else's offer. The seller came back later and said the competing dealer offered $1,550. That's when he realized the competing dealer didn't really know what he was doing and was letting the author do all the work on the evaluations.
The next time a really large collection came in - like 10 full shopping bags - the author eyeballed it and mentally figured it to be worth $2,000 or so. It would have taken a very long time to evaluate each item but just like experienced coin dealers, if someone has a complete set of circ Washington quarters you really only need to look at the keys to figure what the whole set is worth. He took a huge chance and made an offer of $50,000 which was only good until the seller left the store, and said that in his experience the other guy in town often beats his prices. The seller said he'd see what the other guy was offering and never returned, and the competing dealer closed down soon after.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>I would say that you did the right thing and should not feel badly that she did not listen to your sound advice. You should not be discouraged by this and not let it affect how you would act the next time the situation arises. >>
Couldn't agree more or have said it better.
<< <i>I once spent 19 ( yes,19) hours appraising a collection of some of the finest and rarest Canadian coins I will ever see......didn't charge a penny for my services. ......and I was told later that the collection was eventually sold for 1500.00 more than what I had offered..........this was a 6 figure collection and I made nothing on the deal due to my ignorance. I now charge an appraisal fee and if the owner decides to sell it to me , I add back the appraisal fee to my offer. If I am going to do all the legwork, especially itemizing and providing the owner with a typewritten appraisal, why shouldn't I charge a fee ? This system has worked well for me. >>
I like this model a lot. I haven't used it myself, but it's definitely something I will keep in the back of my mind.
Typically when I make an appraisal I give them a fair cash offer and they take it. This might not be the norm though.
I watch Pawn Stars religiously, and it seems a lot of people would much rather take 60% of the value of the item in $100 bills that instant, rather than do a little legwork to get 80-95% of the item's value. To us coin types, spending a few hours doing what we enjoy to save/make money is an absolute no brainer- and often half the fun. For people unfamiliar with coins and the market, spending that time and effort to get the extra value just isn't worth it to them. Especially since the amount of time they will need to put in as a newbie is much more than what any reader of this forum would have to put in to get the same results.
I'd tell them what I'd pay and ask if it was satisfactory.
If it was, I'd pay them on a portion and continue. But I'd get the purchase docs signed and the money changed hands.
Then I'd continue.
If there was any balking, I would say, "no problem, but I do charge an appraisal fee that applies to the purchase."
If there was a balk on that, I'd tell them to shop it and come back.
Same on 90% . Back in 79-80 I finally quit quoting the price until I'd FINISHED every denomination. No more of this, "how much is it up to now?"
I'd quote a total and have the scribble sheet to show.
<< <i>Had the same thing happen right here on the CU boards. A guy I'd done a lot of business with and had become friends before he was hospitalized left strict instructions that I was to handle his card and coin collection going so far as to place 3M Post-It notes on his boxes and computer screen. A family member called and I instructed them how to ship etc. Didn't hear from them for two weeks, so I touched base. Oh, they decided that they wanted to clear everything as soon as possible and sold it all at the flea market the same weekend we spoke. Far from me to miss a beat, I said that was OK, no problem, and I hope they got some good prices as I knew that he had at least 60K worth of material. He didn't, but ooooooh the silence on the other end of the phone was priceless
SM that rocked
Go BIG or GO HOME. ©Bill
me: Hi, this is Bob, how can I help?
Do you buy bullion?
me: yes, what kind of bullion do you have?
How much do you pay for just bullion?
me: it depends on the type of bullion that you are selling, what have you got?
Just bags of bullion, how much do you pay?!
me: Is it coins? Or perhaps silver rounds? Is it gold? There are all types of bullion and
I'd be happy to answer your question but I need to know what you have to sell.....
Just bullion!!
me: can we get together so that I can see what it is you are selling?
Thanks, I'll call back when I'm ready to sell.
bob
<< <i>I had a response to my ad this week that went like this:
me: Hi, this is Bob, how can I help?
Do you buy bullion?
me: yes, what kind of bullion do you have?
How much do you pay for just bullion?
me: it depends on the type of bullion that you are selling, what have you got?
Just bags of bullion, how much do you pay?!
me: Is it coins? Or perhaps silver rounds? Is it gold? There are all types of bullion and
I'd be happy to answer your question but I need to know what you have to sell.....
Just bullion!!
me: can we get together so that I can see what it is you are selling?
Thanks, I'll call back when I'm ready to sell.
bob
In your case, I would have quoted $3.00 per pound. After all, copper could be considered bullion.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
was ripping them off because I was offering less than they paid, or they were probably going to shop for a slightly offer offer. Haven't done any appraisals since.
Just not worth the time or effort. Everyone thinks they have the crown jewels. And when you tell them they basically have common stuff, they rarely will sell to
the "bearer of bad news." (BOBN).
roadrunner
<< <i>No offense, but if a dealer cant get a stupid person to sell to them, something is wrong. These people are selling their coins somewhere--------BigE >>
I dont think you read my first post. I was not trying to get her to sell to me. In fact even if she offered it to me I would of declined. I did it for free to try to help out an elderly neighbor. I appraised the collection and then offered advice as to where/how to sell it if that was her goal. It just irked me that she followed none of it.
<< <i>Had the same thing happen right here on the CU boards. A guy I'd done a lot of business with and had become friends before he was hospitalized left strict instructions that I was to handle his card and coin collection going so far as to place 3M Post-It notes on his boxes and computer screen. A family member called and I instructed them how to ship etc. Didn't hear from them for two weeks, so I touched base. Oh, they decided that they wanted to clear everything as soon as possible and sold it all at the flea market the same weekend we spoke. Far from me to miss a beat, I said that was OK, no problem, and I hope they got some good prices as I knew that he had at least 60K worth of material. He didn't, but ooooooh the silence on the other end of the phone was priceless
- Marcus Tullius Cicero, 106-43 BC
K
<< <i>I once spent 19 ( yes,19) hours appraising a collection of some of the finest and rarest Canadian coins I will ever see......didn't charge a penny for my services. ......and I was told later that the collection was eventually sold for 1500.00 more than what I had offered..........this was a 6 figure collection and I made nothing on the deal due to my ignorance. I now charge an appraisal fee and if the owner decides to sell it to me , I add back the appraisal fee to my offer. If I am going to do all the legwork, especially itemizing and providing the owner with a typewritten appraisal, why shouldn't I charge a fee ? This system has worked well for me. >>
If you are providing them with a typewritten appraisal, you should charge them for it.